Child suddenly passed away, how did parents receive billions of dong in digital assets on Binance?

In late July 2024, NDDK, born in 1999, unfortunately passed away due to a stroke. At such a young age, K. did not have time to leave any will regarding the multi-billion VND cryptocurrency assets he owned and traded on Binance – one of the world's largest cryptocurrency exchanges. This has placed K.'s family in a difficult situation, unsure how to recover these assets.

After seeking assistance, K.'s family contacted the organization Coin.Help and its founder, Mr. Phan Duc Nhat, to ask for help in recovering K.'s digital assets.

An email was sent by the Coin.Help team to the Binance exchange to recover K's assets.

Mr. Phan Duc Nhat stated that upon receiving the request from K.'s family, the Coin.Help team contacted Binance to carry out the necessary procedures. However, the biggest challenge was that the family had no further information other than K.'s email and phone number. Important information such as K.'s will, wallet balance, or UserID were all unknown to the family.

At the same time, the fact that Binance does not have a representative office in Vietnam makes this process even more complicated, as all procedures must be carried out via email and online support portal.

According to Mr. Nhat, the family then had to prepare copies of many documents. These documents had to be translated into English and notarized.

Once all the documents were prepared, Binance sent a "Letter of Authorisation" for the family to fill in the relevant information about K's parents. This document also had to be notarized before being sent back to Binance.

The verification process continued to drag on when Binance requested an additional "Letter of Indemnity" for final verification of K.'s information and his heirs. Fortunately, this document did not require notarization, only the signatures of both parents.

After all procedures were completed, Binance announced they needed 21 days to process the claim. On October 6, 2024, 70 days after Coin.Help began working, K.'s family received back their entire digital assets worth billions of Vietnamese dong from Binance.

Mr. Phan Duc Nhat stated that, given that cryptocurrencies are not yet recognized as a legal asset in Vietnam, recovering digital assets faces numerous legal and technical obstacles. This requires a deep understanding of legal procedures and patience, especially absolute trust from the victim's family.

Coin.Help is a non-profit organization comprised of leading experts in finance, auditing, security, and legal matters related to the blockchain industry.

Source: https://nld.com.vn/mot-gia-dinh-viet-doi-duoc-khoi-tai-san-tri-gia-nhieu-ti-dong-cua-nguoi-da-mat-tren-san-binance-196241012123530565.htm